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  "documentTitle": "Global Private Equity Report 2015",
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  "notes": "The slide uses two stacked bar charts to illustrate the volatility of fund performance quartiles over time.",
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      "text": "Further Bain analysis found that it is only after around year seven in a fund's life that its ultimate return profile begins to stabilize.",
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      "text": "Buyout funds that were top quartile in year 1",
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      "text": "Buyout funds that were bottom quartile in year 1",
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      "kind": "paragraph",
      "text": "That high degree of uncertainty as to whether a fund will end up a winner or a loser based on its initially reported gains poses a real challenge for LPs needing to make a call whether to re-up with GPs when they come knocking with new fund offerings.",
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      "kind": "paragraph",
      "text": "Are you smart or just lucky? Even when it becomes clear that a GP's predecessor fund has been a top performer, one can no longer presume that success will inevitably follow success.",
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      "text": "Notes: Year 1 is the fund's vintage year plus one; includes buyout and balanced funds across all vintage years. Sources: Preqin; Bain analysis",
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      "kind": "title",
      "text": "Figure 2.20: With a lot of unsold assets sitting in fund portfolios, performance can shift dramatically over a fund's life",
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      "evidence": "The gap separating the top-quartile GPs from their bottom-quartile peers has narrowed to less than 50 cents—$1.54 per dollar invested for the best 2010-vintage buyout funds vs. $1.10 per dollar invested for the ",
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